Elliott Wave analysis of Nifty 26th Dec
Today we saw a good fall in Nifty. Previously we expected Nifty to fall sooner or later as all the
requirement of wave formations was getting over. Now let’s analyze Nifty to understand what is
happening. For that we will see Nifty 1 hr chart first.
As per above chart wave 1, 2, 3 and 4 looks completed from 11090.65 to 11832.5 and wave is mostly completed at 12293.25 as of now. To understand clearly let’s see 15min chart.
As per above chart wave 1, 2, 3 and 4 looks completed from 11832.5 to 12046.65 as of now. Here wave 3 was not extended so wave 5 needs to get extended above 12232. Nifty made a high of 12293.25 and fell till 12120.1 and looks like reversal has happened today. Today C or 3 is greater than 200% of A or 1 which is an indication that there are more chances that it is 123 and not ABC. For that we also need break below 12046 very soon. Tomorrow 12182 to 12200 is a strong resistance for Nifty considering that 3 is ending at 12120 and Nifty should fall below 12046 which will be an indication that downside impulse has been started. If Nifty following the same, we can expect level below 11832 very soon. Tomorrow short can be done if Nifty comes near 12182 keeping SL above 12210 for the target below 12046. No buying is suggested unless low of A or 1 is broken.
Disclaimer:- Idea and views given here are only for educational purpose. It is just to show how Elliott wave analysis can be done in practical example. Do not take any trade only on the basis of idea given here. Consult your financial advisor first before taking any trade. We do not take any responsibility for any trade taken by whatsoever means or purpose.